Exercise 10-76 Retained Earnings The December 31, 2020 comparative balance sheet of Smith Industries includes the...
Exercise 10-76
Retained Earnings
The December 31, 2020 comparative balance sheet of Smith Industries includes the following stockholders' equity section:
| 2020 | 2019 | ||||
| Common stock, $2 par, 80,000 shares authorized, 60,000 shares issued and outstanding | $120,000 | $120,000 | |||
| Additional paid-in capital—common stock | 371,800 | 371,800 | |||
| Total capital stock | $491,800 | $491,800 | |||
| Retained earnings | 173,000 | 116,000 | |||
| Total equity | $664,800 | $607,800 | |||
Required:
During 2020 Smith paid dividends of $0.50 per share. What was Smith's net income for 2020?
Net Income $
Homework Answers
| Retained earnings in 2020 | 173000 |
| (-) Retained earnings in 2019 | 116000 |
| Addition to retained earnings in 2020 | 57000 |
| (+) Total dividend paid [ 0.50 * 60000 ] | 30000 |
| Net income for 2020 | 87000 |
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Exercise 10-76
Retained Earnings
The December 31, 2020 comparative balance sheet of Smith
Industries includes the...
Exercise 10-72 Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following...
Exercise 10-72 Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par, 80,000 shares authorized, $120,000 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock $491,800 Retained earnings 173,000 Total equity $664,800 Required: 1. Assume that Castle issued 60,000 shares for cash at the inception of the corporation and that no new shares have been issued since. Determine how much cash was received for the...
can i pleasw have help on the comparative balance sheet Comparative Balance Sheet December 31, 2020...
can i pleasw have help on the comparative balance sheet
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The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par,...
The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par, 80,000 shares authorized, $120,000 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock $491,800 Retained earnings 173,000 Total equity $664,800 Required: the corporation and that no new shares have been issued since. Determine 1. Assume that Castle issued 60,000 shares for cash at the inception how much cash was received for the shares issued at inception. 491,800 2. Assume that...
The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain...
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The year-end balance sheet of Ft. Smith Products includes the following stockholders’ equity section (with certain...
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The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain...
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/2 cumulative preferred stock, $100 par value, 100, eee shares authorized Common stock, $2 par value, 9ee, eee shares authorized Additional paid-in capital: common stock Retained earnings Total stockholders' equity $ 2,4ee,eee 900, cee 9,000,000 2.595, e90 $14,895,888 Required: From this information, compute answers to the following questions a. How many shares of preferred stock have been issued? b....
Swifty Corporation's December 31, 2020 balance sheet showed the following
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The following partial information is taken from the comparative balance sheet of Levi Corporation 12/31/2021 12/31/2020...
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The post-closing trial balance of Ivanhoe Corporation at December 31, 2020, contains the stockholders' equity accounts....
The post-closing trial balance of Ivanhoe Corporation at December 31, 2020, contains the stockholders' equity accounts. poration at December 31, 2020, contains the following Preferred Stock (15,000 shares issued) Common Stock (243,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $750,000 2,430,000 243,000 409,000 243,000 982,560 A review of the accounting records reveals the following. No errors have been made in recording 2020 transactions r in...
Coronado Corporation's December 31, 2020 balance sheet showed the following: $ 130000 7% preferred stock, $20...
Coronado Corporation's December 31, 2020 balance sheet showed the following: $ 130000 7% preferred stock, $20 par value, cumulative, 9500 shares authorized; 6500 shares issued Common stock, $10 par value, 1010000 shares authorized; 910000 shares issued, 890000 shares outstanding Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Treasury stock (10067 shares) 9100000 35000 11460000 3760000 317100 Coronado's total stockholders' equity was $24218900. $24197900. $24797900. $24167900.
Exercise 10-72 Stock Dividends and Stock Splits The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par, 80,000 shares authorized, $120,000 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock $491,800 Retained earnings 173,000 Total equity $664,800 Required: 1. Assume that Castle issued 60,000 shares for cash at the inception of the corporation and that no new shares have been issued since. Determine how much cash was received for the...
can i pleasw have help on the comparative balance sheet
Comparative Balance Sheet December 31, 2020 and 2019 2020 2019 Assets Current Assets: Cash Accounts Receivable, Net Inventory (sunglasses) Prepaid Insurance Prepaid Rent Total Current Assets S $ $ $ $ $ 90,000 130,000 135,000 25,000 S $ $ S $ S 70,000 90,000 80,000 20,000 12,000 272,000 380,000 Property, Plant, and Equipment: Equipment Less: Accumulated Depreciation - Equipment Total Property, Plant, and Equipment Total Assets $ $ $ $...
The balance sheet of Castle Corporation includes the following stockholders' equity section: Common stock, $2 par, 80,000 shares authorized, $120,000 60,000 shares issued and outstanding Additional paid-in capital-common stock 371,800 Total capital stock $491,800 Retained earnings 173,000 Total equity $664,800 Required: the corporation and that no new shares have been issued since. Determine 1. Assume that Castle issued 60,000 shares for cash at the inception how much cash was received for the shares issued at inception. 491,800 2. Assume that...
The year-end balance sheet of Ft Smith Products includes the following stockholders' equity section (with certain details omitted). Stockholders' equity: 7 1/2 cumulative preferred stock, $100 par value, 100, eee shares authorized Common stock, $2 par value, 9ee, eee shares authorized Additional paid-in capital: common stock Retained earnings Total stockholders' equity $ 2,4ee,eee 900, cee 9,000,000 2.595, e90 $14,895,888 Required: From this information, compute answers to the following questions a. How many shares of preferred stock have been issued? b....
The following partial information is taken from the comparative balance sheet of Levi Corporation 12/31/2021 12/31/2020 Shareholders' equity Common stock, $5 par; 22 million shares authorized; 17 million shares issued and 10 million shares outstanding at 12/31/2021; and million shares issued and shares outstanding at 12/31/2020. Additional paid-in capital on common stock Retained earnings Treasury common stock, at cost, 7 million shares at 12/31/2021 and 3 million shares at 12/31/2020 Total shareholders' equity $ 85 million 522 million 199 million...
The post-closing trial balance of Ivanhoe Corporation at December 31, 2020, contains the stockholders' equity accounts. poration at December 31, 2020, contains the following Preferred Stock (15,000 shares issued) Common Stock (243,000 shares issued) Paid-in Capital in Excess of Par-Preferred Stock Paid-in Capital in Excess of Par-Common Stock Common Stock Dividends Distributable Retained Earnings $750,000 2,430,000 243,000 409,000 243,000 982,560 A review of the accounting records reveals the following. No errors have been made in recording 2020 transactions r in...
Coronado Corporation's December 31, 2020 balance sheet showed the following: $ 130000 7% preferred stock, $20 par value, cumulative, 9500 shares authorized; 6500 shares issued Common stock, $10 par value, 1010000 shares authorized; 910000 shares issued, 890000 shares outstanding Paid-in capital in excess of par-preferred stock Paid-in capital in excess of par-common stock Retained earnings Treasury stock (10067 shares) 9100000 35000 11460000 3760000 317100 Coronado's total stockholders' equity was $24218900. $24197900. $24797900. $24167900.
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